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1. Parties: Identifies all parties to the agreement including the original creditor, original debtor, and any new parties involved in the novation

2. Background: Recitals explaining the existing loan agreement, the parties' desire to novate, and the purpose of the novation

3. Definitions: Defines key terms used throughout the agreement, including references to the original loan agreement, effective date, and any specific financial terms

4. Novation: Core clause that extinguishes the original obligation and creates the new obligation, clearly stating the intention to novate

5. Terms of New Obligation: Details of the new loan terms including principal amount, interest rate, payment schedule, and maturity date

6. Representations and Warranties: Standard representations from all parties regarding their capacity and authority to enter into the agreement

7. Release and Discharge: Formal release of original debtor/creditor from obligations under the original agreement

8. Governing Law and Jurisdiction: Specifies Philippine law as governing law and sets jurisdiction for disputes

9. Execution: Signature blocks for all parties and execution requirements

1. Original Loan Agreement: Copy or summary of the original loan agreement being novated

2. New Payment Schedule: Detailed schedule of payments under the novated agreement, if payment terms are complex

3. Security Details: Details of any security arrangements being transferred or created as part of the novation

4. Calculation of Outstanding Amounts: Breakdown of the outstanding amount under the original loan as of the novation date

5. Required Consents: Copies of any third-party consents obtained for the novation